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India unveils six-point strategy to protect national economies

India has unveiled a six-point strategy to protect national economies from being destablised by external vulnerabilities and contagion.

Detailing the strategy at a high-level meeting of financial experts, Finance Minister Yashwant Sinha urged the world financial institutions to concentrate on capacity building in the low-income countries and in the least developed states.

He asked them to make available not only fair but special opportunity by way of global financial flows and trade exchanges for the least developed states.

With regard to middle income countries, Sinha suggested that fair and equal opportunity in international trade and capacity building be provided in certain areas.

Sinha also stressed on sustainable development, which addresses pillars of economic growth, social justice and environmental protection.

He emphasised the importance of effective governance at national and sub-national levels and promotion of democratic institutions and poverty reduction with a view to improve quality of life of the people.

"There is also a need to declare war on communicable diseases," he said at the high-level meeting of the UN Economic and Social Council with the Bretton Woods Institutions in New York on Tuesday.

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